M&G has revamped the range of funds of funds it brought back in-house from Cazenove, prompting a turnaround in performance. The group's portfolio management team, which is behind Prudential's with-profits fund and led by Mark Thompson, has shifted the investment process of the four funds, aiming to generate more returns from asset allocation. As part of the revamp, bond holdings were switched into equities and assets moved out of the UK and US and towards Asia, Latin America and Europe. In the run-up to the switch, the funds were consistently in the bottom half of their sectors. Since M&...
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